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Central Bank fixes exchange rate for imports & exports in Feb
23
Jan '09
According to People's Bank of China, the RMB exchange rate against one US dollar stood at 6.8396 Yuan on January 21, 2009. It has also announced that the exchange rate for all goods imported or exported in the month of February will be 6.8396 Yuan for one US dollar.

In accordance with Notice No. 53, 2005, released by the General Administration of Customs on October 30, 2005, the applicable rate for imports and exports of goods in the current month will be the conversion price as it stands on the third Wednesday of the previous month.

Which effectively means that, when making declaration for all textile and apparel related imports and exports in February 2009; the tariff will be calculated according to the conversion price announced by Bank of China on the third Wednesday (January 21) in January.

Fibre2fashion News Desk - China

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